9911796707
TMI Blog1988 (8) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... e Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Indore Bench, Indore, has referred the following question of law to this court for its opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the lottery ticket in question had no fair market value as on March 31, 1977 ?" The material fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t order, the assessee preferred an appeal before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner partly allowed the appeal directing the Wealth-tax Officer to adopt the figure of net wealth at Rs. 7,23,600 as against Rs. 10,80,000 adopted by him. Aggrieved by the order passed by the Appellate Assistant Commissioner, an appeal was preferred by the assessee before the Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the State Government, till the publication of the result in the Official Gazette, there was no official announcement of the result of the draw and the assessee received the amount of prize money after March 31, 1977, after due verification by the Director of Lotteries. Having heard learned counsel for the parties, we have come to the conclusion that this reference must be answered in the affi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the prize money accepted by the Director of Lotteries. In these circumstances, the Tribunal, in our opinion, was justified in holding that the lottery ticket in question had no fair market value as on March 31, 1977. For all these reasons, our answer to the question referred by the Tribunal is in the affirmative and against the Revenue. Parties shall bear their own costs of this reference. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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